Alecto begin work at Wayu Boda

PUBLISHED: Jan 29 2014 @ 06:27 | Comments (0) |

Alecto Minerals (LSE:ALO), an AIM quoted mining exploration company focussed on West and East Africa, has commenced work at the company’s 945.5 sq km Wayu Boda Gold Project, located on the Adola Greenstone belt in southern Ethiopia. The project is held under joint venture with Centamin plc, which is required to fund US$1.8 million to maintain an initial 51% interest.

A regional exploration camp has been set up at Wayu Boda and all the ancillary support equipment for the core drill rig are on site. The full details of the proposed programme are being finalised and will be announced in due course, however initial core drilling is anticipated to commence in the coming weeks. To date, the Company has conducted trenching, geophysics, and geological mapping which focused on the northern 15% of the licence areas where extensive artisanal workings occur in three locations of a 2km of strike targeting quartz vein swarms and larger individual quartz veins hosted in metavolcanics. Occasional pits target the host rock itself and notably grades of up to 47.4 g/t of gold have been reported from rock chip sampling and trenching in these areas.

Alecto CEO Mark Jones said, “The commencement of field work at the prospective Wayu Boda Gold Project in Ethiopia symbolises the start of an exciting campaign managed by Centamin, which provides Alecto with exposure to the value upside potential present within the licence area without the expenditure. Drilling is anticipated to commence in the near future, and we look forward to divulging the full details of the forthcoming drilling programme in due course.

“This comes during a period of strong activity for the Company. Drilling is also on-going at our flagship Kossanto Gold Project in Mali, demonstrating our multi-faceted approach to implementing our strategy to become a leading gold and base metal explorer in Africa.”

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Ltd. ADVFN Ltd does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.